We operate according to a transparent set of business practices:

• Hard facts. Our credibility is our number one asset. We will not publish any information where factual information is in doubt.

• Estimates, ratings and price targets. We value a healthy and continuous dialogue with companies we cover regarding estimates, ratings and price targets. Our objective status, however, requires that we make all such decisions independently.

• Ownership. We do not take investment positions in companies we cover.

• Cancellation. We work hard to maintain satisfied clients. Our engagements are ‘at will’ and may be cancelled at any time without further obligation.

• Compensation. Institutional investors may elect to compensate us through either “hard dollar” or “soft dollar” arrangements. Please contact J.P. Mark at (401) 682-2205 for more information.

Disclosure

Our research does not represent a complete analysis of every material fact regarding any company, industry or security. The opinions expressed by our analysts reflect the judgments of the authors at the date published and are subject to change without notice. Facts have been obtained from sources considered reliable, but are not guaranteed. Farmhouse Equity Research, LLC, its directors and employees and their families are prohibited from having a position in the securities of the companies we cover. Farmhouse Equity Research, LLC is an independent research firm and is not affiliated with any investment bank. Farmhouse Equity Research, LLC does not act as placement agent for securities for which it has research coverage, and we do not attempt to raise capital for companies. Farmhouse Equity materials, including our logo and trademark, are copyrighted; reproduction or redistribution of our reports or other materials, either electronically or via hard copy, without express written permission, is prohibited. Additional information is available upon request.